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In Brief This Week: Zymeworks, Genetic Technologies, Thermo Fisher Scientific, Prenetics

NEW YORK – Zymeworks this week said the US Food and Drug Administration has cleared its investigational new drug application to begin a clinical trial of the T-cell targeting bispecific antibody ZW171. The product is designed to target MSLN-expressing cancers, including ovarian cancer, non-small cell lung cancer, mesothelioma, and others. Zymeworks plans to file applications to begin clinical studies of ZW171 in other non-US regions in the second half of 2024.

Australian genetics testing firm Genetic Technologies said this week that it has started testing operations in the US for its GeneType genetic risk assessment products. Houston-based specialty genetic lab Gene by Gene will perform the testing. The lab can process as many as 25,000 tests each month, Genetic Technologies said, adding that a previously announced distribution deal with Stay Healthy puts GeneType in a position for "exponential growth" in the US. The GeneType Multi-Risk Test uses buccal swab samples and clinical risk factors to generate scores for a patient's risk of breast, colorectal, ovarian, pancreatic, and prostate cancers, melanoma, atrial fibrillation, coronary artery disease, and type 2 diabetes.

Germany's market competition regulatory agency, the Federal Cartel Office, said this week that Thermo Fisher Scientific may go ahead with its pending $3.1 billion acquisition of Olink. The decision follows a Phase 2 review, initiated earlier this year, that concluded the merger would not significantly hamper competition. The deal is still under scrutiny by the UK's Competition and Markets Authority (CMA).

Prenetics this week announced its Q1 2024 financial results, reporting that its revenues increased 30 percent to $6.4 million from $4.9 million in the prior-year quarter. The company saw a net loss of $9.1 million, or $.70 per share, compared to a loss of $11.0 million, or $.99 per share, in Q1 2023. The firm ended the quarter with $86.6 million in cash and other short-term investments. Prenetics reaffirmed that it expects 2024 revenues to be between $33 million and $36 million.

In Brief This Week is a selection of news items that may be of interest to our readers but had not previously appeared on Precision Medicine Online.